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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2015
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The income tax provision in 2015 and 2014 consisted of the following:
Year Ended June 30, |  | 2015 |  | 2014
Current: |  |  |  |  |  |
Federal |  | $ | (100,126 | ) |  | $ | (1,863,204 | )
State |  | (167,282 | ) |  | 69,984 |
Deferred |  | 284,783 |  |  | (2,608,369 | )
Total income tax provision (benefit) |  | $ | 17,375 |  |  | $ | (4,401,589 | )
Schedule of Effective Income Tax Rate Reconciliation | The 2015 and 2014 tax results in an effective rate different than the federal statutory rate because of the following:
Year Ended June 30, |  | 2015 |  | 2014
Federal income tax expense (benefit) at statutory rate |  | $ | 169,996 |  |  | $ | (3,382,307 | )
State income tax expense (benefit), net of federal income tax benefit |  | (21,442 | ) |  | (285,802 | )
Increase in valuation allowance |  | — |  |  | 148,000 |
Stock-based compensation |  | 53,596 |  |  | 58,187 |
Adjustments for unrecognized tax benefits |  | (175,000 | ) |  | (546,113 | )
Federal income tax credits |  | — |  |  | (187,349 | )
Other |  | (9,775 | ) |  | (206,205 | )
Total income tax provision (benefit) |  | $ | 17,375 |  |  | $ | (4,401,589 | )
Schedule of Deferred Tax Assets and Liabilities | Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2015 and June 30, 2014 include:
|  | 2015 |  | 2014
Deferred income tax assets: |  |  |  |  |  |
Deferred compensation |  | $ | 835,270 |  |  | $ | 858,434 |
Stock-based compensation |  | 889,325 |  |  | 714,350 |
Accrued expenses and reserves |  | 2,075,601 |  |  | 2,701,144 |
Federal and state net operating loss carryforwards |  | 463,237 |  |  | 371,744 |
Valuation allowance |  | (370,409 | ) |  | (370,409 | )
Equipment and leasehold improvements |  | 11,566 |  |  | — |
Other |  | 14,650 |  |  | 22,806 |
Total deferred income tax assets |  | 3,919,240 |  |  | 4,298,069 |
Deferred income tax liabilities: |  |  |  |  |  |
Equipment and leasehold improvements |  | — |  |  | (98,717 | )
Other |  | (4,671 | ) |  | — |
Net deferred income tax assets |  | $ | 3,914,569 |  |  | $ | 4,199,352 |
Deferred Tax Assets as Presented on Consolidated Balance Sheets | Deferred income tax assets as presented on the consolidated balance sheets:
|  | 2015 |  | 2014
Current deferred income tax assets |  | $ | 2,045,316 |  |  | $ | 2,576,023 |
Noncurrent deferred income tax assets |  | 1,869,253 |  |  | 1,623,329 |
Net deferred income tax assets |  | $ | 3,914,569 |  |  | $ | 4,199,352 |
Accrued Interest, Tax Position, Unauthorized Transactions | As part of the unauthorized transactions, there was no interest accrued by the Company as of June 30, 2015 and 2014, respectively.
|  | 2015 |  | 2014
Accrued interest at beginning of year |  | $ | — |  |  | $ | 49,150 |
Interest charges to expense |  | — |  |  | 24,575 |
Interest charges reversed |  | — |  |  | (73,725 | )
Accrued interest at end of year |  | $ | — |  |  | $ | — |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2015 |  | 2014
Unrecognized tax benefits at beginning of year |  | $ | 175,000 |  |  | $ | 696,113 |
Gross increases - tax positions in prior years |  | — |  |  | 25,000 |
Reductions due to lapse in statute |  | — |  |  | (546,113 | )
Reductions based on settlements with taxing authorities |  | (175,000 | ) |  | — |
Unrecognized tax benefits at end of year |  | $ | — |  |  | $ | 175,000 |
Summary of Valuation Allowance | The following are the changes in the valuation allowance:
Year Ended June 30, |  | Balance, beginning of year |  | Increase in valuation allowance |  | Release of valuation allowance |  | Balance, end of year
2015 |  | $ | (370,409 | ) |  | — |  |  | — |  |  | $ | (370,409 | )
2014 |  | $ | (222,409 | ) |  | (148,000 | ) |  | — |  |  | $ | (370,409 | )

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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